New Delhi: A Delhi district court on Friday sent businessmen Malvinder Singh and Shivinder Singh to four days in police custody for questioning in a case of alleged diversion of funds from Religare Finvest Ltd (RFL) to other companies controlled by them. The brothers, former promoters of Ranbaxy Laboratories Ltd, were arrested across Thursday and Friday after RFL, an arm of Religare Enterprises Ltd (REL), alleged “wrongful loss" worth ₹2,397 crore. Malvinder’s counsel opposed the police custody, saying his client has always participated in the probe and never evaded any questions. EOW and RFL opposed the petition, while Malvinder urged the court to issue notice in the matter and stay the proceedings initiated by the police. The Delhi high court reserved its order on whether to issue notice on Malvinder’s plea to quash the FIR.

Source: Mint October 11, 2019 12:00 UTC